Darling International Inc. Announces First Quarter 2013 Results

       Darling International Inc. Announces First Quarter 2013 Results

PR Newswire

IRVING, Texas, May 9, 2013

IRVING, Texas, May 9, 2013 /PRNewswire/ --Darling International Inc. (NYSE:
DAR)  today reported net income of $32.4 million, or $0.27 per share, for the
first quarter ended March 30, 2013. Net sales and results of operations for
the first quarter as compared to the same period of the prior year are as
follows:

For the first quarter of 2013, the Company reported net sales of $445.4
million, as compared to $387.1 million for the first quarter of 2012. The
$58.3 million increase in sales is primarily attributable to higher finished
product selling prices for proteins and bakery finished products. Higher raw
material volumes in both the Rendering and Bakery Segments contributed to the
increase and helped to offset the decrease in fat prices year over year.

Net income for the first quarter of 2013 increased to $32.4 million, or $0.27
per share, as compared to $28.6 million, or $0.24 per share, for the 2012
comparable period. The $3.8 million increase in net income for the first
quarter resulted predominantly from higher finished product prices followed by
higher raw material volumes in both Rendering and Bakery Segments. On a
sequential basis, comparing fourth quarter of fiscal 2012 results with first
quarter of fiscal 2013, finished fat prices improved and raw material volumes
remained steady.

Darling International Chairman and Chief Executive Officer Randall Stuewe
said, "We are off to a good start in 2013 driven by improving fat values along
with strong protein demand especially from our value added poultry
ingredients. Rendering raw material volumes remained steady relative to
fourth quarter of 2012 with a much anticipated slowdown in the beef sector
being offset by improved volumes in poultry, pork and used cooking oil. The
Bakery Segment delivered solid results in the first quarter of 2013 as
compared to first quarter 2012 with higher volumes and resilient finished
product prices."

Darling International Inc. is the largest and only publicly traded provider of
rendering and bakery residuals recycling solutions to the nation's food
industry. The Company recycles beef, poultry and pork by-product streams into
useable ingredients such as tallow, feed-grade fats, meat and bone meal,
poultry meal and hides. The Company also recovers and converts used cooking
oil and commercial bakery residuals into valuable feed and fuel ingredients.
These products are primarily sold to agricultural, pet food, leather,
oleo-chemical and biodiesel manufacturers around the world. In addition, the
Company provides grease trap collection services and sells used cooking oil
collection equipment to restaurants. For additional information, visit the
Company's website at http://www.darlingii.com.

Darling International will host a conference call to discuss the Company's
first quarter 2013 financial results at 8:30 am Eastern Time (7:30 am Central
Time) on Friday, May 10, 2013.
To listen to the conference call, participants calling from within North
America should dial 877-317-6789; international participants should dial
412-317-6789. Please refer to access code 10028437. Please call
approximately ten minutes before the start of the call to ensure that you are
connected.

The call will also be available as a live audio webcast that can be accessed
on the Company's website at http://www.darlingii.com/investors.aspx.
Beginning one hour after its completion, a replay of the call can be accessed
through May 19, 2013, by dialing 877-344-7529 domestically, or 412-317-0088 if
outside North America. The access code for the replay is 10028437. The
conference call will also be archived on the Company's website.

{This media release contains forward-looking statements regarding the business
operations and prospects of Darling and industry factors affecting it. These
statements are identified by words such as "may," "will," " begin," " look
forward," "expect," "believe," "intend," "anticipate," "should," "potential,"
"estimate," "continue," "momentum" and other words referring to events to
occur in the future. These statements reflect Darling's current view of future
events and are based on its assessment of, and are subject to, a variety of
risks and uncertainties beyond its control, including disturbances in world
financial, credit, commodities and stock markets; potential changes in
national and international regulations affecting the Company's products; a
decline in consumer confidence and discretionary spending; the general
performance of the U.S. and global economies; global demands for bio-fuels
and grain and oilseed commodities, which have exhibited volatility, and can
impact the cost of feed for cattle, hogs, and poultry, thus affecting
available rendering feedstock; risks, including future expenditure, relating
to Darling's joint venture with Valero Energy Corporation to construct and
complete a renewable diesel plant in Norco, Louisiana and possible
difficulties completing and obtaining operational viability with the plant on
a timely basis, or at all; risks relating to possible third party claims of
intellectual property infringement; risks associated with the development of
competitive sources for alternative renewable diesel or comparable fuels;
challenges associated with the Company's ongoing enterprise resource planning
system project; economic disruptions resulting from the European debt crisis;
and continued or escalated conflict in the Middle East, North Korea or
elsewhere, each of which could cause actual results to differ materially from
those projected in the forward-looking statements. Other risks and
uncertainties regarding Darling, its business and the industry in which it
operates are referenced from time to time in the Company's filings with the
Securities and Exchange Commission. Darling is under no obligation to (and
expressly disclaims any such obligation to) update or alter its
forward-looking statements whether as a result of new information, future
events or otherwise.}

Darling International Inc.
Consolidated Operating Results
For the Periods Ended March 30, 2013 and March 31, 2012
(Dollars in thousands, except per share amounts)
(Unaudited)
                                   Three Months Ended
                                                             $ Change
                                   March 30,    March 31,    Favorable
                                   2013         2012         (Unfavorable)
Net sales                          $445,422     $387,108     $    58,314
Costs and expenses:
          Cost of sales and        $322,686     $276,469     (46,217)
          operating expenses
          Selling, general and    42,293       37,369       (4,924)
          administrative expenses
          Depreciation and         21,867       20,760       (1,107)
          amortization
Total costs and expenses           386,846      334,598      (52,248)
Operating income                  58,576       52,510       6,066
Other income/(expense):
          Interest expense         (5,625)      (6,925)      1,300
          Other, net               1,067        (608)        1,675
Total other income/(expense)       (4,558)      (7,533)      2,975
Equity in net loss of
unconsolidated                     (1,195)      (236)        (959)
 subsidiary
Income from operations             52,823       44,741       8,082
 before income taxes
Income taxes (expense)/benefit     (20,418)     (16,170)     (4,248)
Net income                        $ 32,405    $ 28,571    $     3,834
Basic income per share:            $   0.27  $   0.24  $      0.03
Diluted income per share:          $   0.27  $   0.24  $      0.03



For More Information, contact:
Melissa A. Gaither, Director Investor          251 O'Connor Ridge Blvd., Suite
Relations                                      300
                                               Irving, Texas 75038
                                               Phone: (972) 717-0300

SOURCE Darling International Inc.

Website: http://www.darlingii.com
 
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